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The Global Startup Awards Africa: Finding, Funding and Connecting Female Futureshapers from Africa
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frica is a global leader when it comes to female entrepreneurship and has the highest percentage of women entrepreneurs in the world. It has been found that women make up 58% of the self-employed population in Africa. However, a study by the World Bank reported that women continue to earn on average 34% less profits than men. There is an estimated $42 billion financing gap for African women across business value chains. Female-led startups are underfunded and over mentored. Why is it a problem? It is estimated that $316bn GDP could be gained by 2025 if the gender funding gap in Africa is bridged. Femaleled start-ups receive a disproportionate percentage of the flow of global venture capital. 2019 saw 11% of seed-funding capital in emerging markets deployed to female founded companies, as well as only 5% of all later-stage funding. Men
entrepreneurs are more likely to secure funding post-acceleration. Two of the greatest threats to the sustainability of businesses include a lack of funding and lower levels of business capital. Most entrepreneurs in Africa are unable to grow their businesses beyond small-scale subsistence operations. Due to genderspecific barriers and societal limitations, it has been even more challenging for women entrepreneurs. According to a 2020 study by Briter Bridges, startups in Africa were predominately founded by men, with men occupying approximately 85% of c-level positions in Africa, and women only occupying 15%. To address the problem in the most practical sense, the Global Startup Awards (GSA) Africa is firstly, identifying 1000+ femaleled startups from across Africa and giving them increased visibility via the Women in Tech category. Secondly, creating high Inspire | Connect | Empower
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